The global energy management system market size is expected to reach USD 117.83 billion by 2025, according to a new study conducted by Grand View Research, Inc., expanding at a CAGR of 17.1% during the forecast period. Technologically-updated business expansion initiatives such as smart cities are expected to fuel the energy management system (EMS) market growth. Selecting the right vendor is crucial for implementing and monitoring EMS solutions. Installing individual energy meters in problem areas and creating an interactive communication program among end users are likely to further lead to enhanced monitoring of the transmitted data.
Typically, an EMS includes devices, sensors, and meters that measure and monitor energy consumption and other factors related to them. These devices then transmit data over wireless network to a centrally-located server where an interactive application helps users in analyzing and optimizing information. Numerous EMS vendors provide hardware, software, and consulting support to keep the program running. Moreover, if the energy meters have the ability to operate on an open protocol, such as MODBUS, customers may not be dependent on any particular hardware or software vendor.
With an expected increase in the costs of energy, gas, electricity, and oil, companies have become more conscious about maintaining, utilizing, and conserving energy resources efficiently. The price decrease in primary and secondary renewable energy sources will play an important role in reducing manufacturing costs.
Most enterprises have realized the need to implement EMS solutions to effectively monitor their systems. Transport and industrial sectors witness increased energy consumption, which poses numerous environmental concerns. Thus, the need for an intelligent management system to streamline operations becomes inevitable.
In the recent times, most top players have been making large investments in research & development programs to enhance their products. Improved features such as product maintenance services and analyzing software analytics by expert consultants are a few key factors expected to drive the growth of energy management system industry.
Further key findings from the report suggest:
• The software segment is anticipated to grow at the highest CAGR of 18.0% from 2019 to 2025 owing to the rising demand for EMS to record and monitor energy utilized across various segments.
• The HEMS segment in energy management system market is anticipated to grow at the highest CAGR of 19.4% from 2019 to 2025. This growth can be attributed to increasing adoption of HEMS for curtailing carbon emissions.
• The demand response management segment is expected to witness the fastest growth over the forecast period. This growth is attributed to the increasing adoption of demand response management solutions for scheduling, monitoring, and controlling Distributed Energy Resources (DERs).
• Increasing demand for EMS in power generation and transmission operations is expected to fuel the power & energy segment growth over the forecast period.
• EMS are widely used in commercial buildings as it collects energy usage data and monitors equipment for maintenance needs.
• The Asia Pacific region is expected to witness the fastest growth over the forecast period and reach USD 29.13 billion by 2025, owing to high number of effective energy management solutions in countries such as India and China.
• Key industry participants include C3 Energy, General Electric Company, Emerson Process Management, Daikin Industries, Daintree Networks, Jones Sang LaSalle, Gridpoint Inc., Schneider Electric, Siemens AG, Honeywell International Inc., Elster Group GmbH, ABB, IBM, Toshiba Corporation, and Johnson's Control International.